Did you know that many CFOs have MBAs? Here are some CFO names you may recognize, all of whom have MBAs. You will certainly recognize the well-known companies they now lead.
- Kenneth A. Goldman, Yahoo!
Mr. Goldman received his MBA from Harvard in 1974, and operates out of Tokyo to oversee the global financial dealings of Yahoo!
- Anthony Noto, Twitter
Mr. Noto was the highest paid CFO in 2014, earning over $72 million in salary and stock. He earned his MBA from the Wharton School of the University of Pennsylvania, and formerly served as CFO of the NFL.
- Harvey M. Schwartz, Goldman Sachs
Mr. Schwartz earned his MBA from Columbia University in 1996. He has worked for Goldman Sachs for the past 18 years and was promoted to CFO in 2013.
- Ruth Porat, Google
This former CFO of Morgan Stanley recently moved to take over as CFO of Google after Patrick Pichette retired at age 52. She received her CFO from the Wharton School and is currently listed at #32 on Forbes’ list of the 100 Most Powerful Women.
- David M. Denton, CVS Health
Mr. Denton has worked for CVS since 1999 and has been CFO since 2010. He received his MBA from the Babcock Graduate School of Management at Wake Forest University.
- Bruce L. Tanner, Lockheed Martin
Mr. Tanner has worked for Lockheed Martin for over 30 years, even before he received his MBA in finance from the University of Texas at Arlington in 1990. He has been CFO since 2007.
- Robert M. Knight, Jr, Union Pacific
Mr. Knight Jr. has been CFO of the Union Pacific Railroad since 2004 after starting work there in 1980. He received his MBA from Southern Illinois University.
Why CFOS Get MBAs
An MBA degree is the most common degree among CFOs -- 54 percent of CFOs have one, according to executive search and assessment firm Russell Reynolds Associates. With an MBA, CFOs get the background in corporate finance that they need to understand how to run a company's finances.
While CFO base salaries are typically in the low six figures, they often have access to stock options that can increase their salaries to seven figures a year. They’re not as highly paid as CEOs, who have the even greater responsibility of managing all aspects of the company and making it function well as a whole.
Most CFOs are promoted to that position from within the company, and some even obtained their MBA degree while employed in a lower position at the same company where they are now CFO.
Bentley University offers MBA programs that will prepare students to become CFOs, and for other job opportunities in the financial world. Interested in learning more? Take a virtual tour of the Bentley campus or read more about our MBA programs.
Jennifer Krausz writes on topics including business and education for a variety of websites and publications.